Asset-Based Blockchain: The Fine Art Ledger Releases Fine Art Transfer Functionality

We have previously discussed blockchain’s unique ability to enable direct asset ownership without an intermediary asset holding structure.

Fine Art Asset-Based Blockchain Application

The Fine Art Ledger is very excited to announce the launch of transfer functionality on its platform.

This is more than just the ability to transfer title in a physical or digital work of fine art on its asset-based fine art platform, but makes authentication of registered joint- or multiple title in fine art possible in a very user-friendly way.

Art Title Tokens (ATT™) and Fine Art Transfer Functionality

The Fine Art Ledger achieves this by creating and using its class of non-fungible tokens, called Art Title Tokens (ATT)™.

Each work of fine art, physical or digital, submitted to The Fine Art Ledger’s platform is allocated 100 ATT specific to that artwork. The user registered on The Fine Art Ledger’s platform as the title holder of that work may then, using The Fine Art Ledger’s transfer functionality, transfer ATTs to other persons simply with the transferee’s email address.

See how collectors use NFC tags to catalog and manage their works in On Tap Cataloging of Fine Art Collections: Blockchain and NFC Making It Easy for Art Collectors.

The user may transfer between 1 and 100 ATT for the specific work of fine art: 100 ATT results in a transfer of the entire work, or less than that, the corresponding fractional title.

Holding ATT for a specific work of fine art means direct title in that asset, to be immutably (other than by subsequent transfer) stamped in The Fine Art Ledger’s blockchain platform. No intervening corporate layer or informal art syndicate structure needed!

Blockchain Certificates of Authenticity and Fractional Ownership

For a deeper look at how NFC technology ties physical artworks to blockchain records, read Securing Fine Art in Asset-Based Blockchain Applications: NFC and the Blockchain of Things.

Each fractional holding is reflected on The Fine Art Ledger, generated in real time blockchain** authenticated Certificate of Authenticity.

Now that is simply awesome! Sign up for The Fine Art Ledger’s platform to try it out.

***We are in Beta and NEM blockchain test mode, so we are limiting access to the platform for the time being. Once signed up, we will let you know when access is granted. We will notify our Users when we move to the live NEM platform.

For an overview of how FAL simplifies fine art management and promotion, see FAL is the Fine Art Ledger: An Easy to Use, Yet Powerful Fine Art Management and Promotion System.

Look out for The Fine Art Ledger’s further updates as we work to become THE fine art blockchain platform catering to works of fine art in the fine art secondary markets.